NV5 GLOBAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
| Nine Months Ended | |||||||
| October 2, 2021 | October 3, 2020 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 31,691 | $ | 16,445 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 33,397 | 34,680 | |||||
| Non-cash lease expense | 7,941 | 6,731 | |||||
| Provision for doubtful accounts | 1,077 | 3,127 | |||||
| Stock-based compensation | 12,087 | 10,900 | |||||
| Change in fair value of contingent consideration | (67 | ) | — | ||||
| Gain on disposals of property and equipment | (1,059 | ) | (394 | ) | |||
| Deferred income taxes | (4,318 | ) | (5,905 | ) | |||
| Amortization of debt issuance costs | 1,024 | 669 | |||||
| Changes in operating assets and liabilities, net of impact of acquisitions: | |||||||
| Billed receivables | 16,728 | 8,089 | |||||
| Unbilled receivables | (10,024 | ) | (7,505 | ) | |||
| Prepaid expenses and other assets | (4,160 | ) | 2,171 | ||||
| Accounts payable | 1,366 | (2,780 | ) | ||||
| Accrued liabilities | 403 | 322 | |||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | (8,233 | ) | 5,706 | ||||
| Deposits | 218 | 163 | |||||
| Net cash provided by operating activities | 78,071 | 72,419 | |||||
| Cash flows from investing activities: | |||||||
| Cash paid for acquisitions (net of cash received from acquisitions) | (23,569 | ) | (882 | ) | |||
| Proceeds from sale of assets | 843 | 1,053 | |||||
| Purchase of property and equipment | (6,714 | ) | (8,342 | ) | |||
| Net cash used in investing activities | (29,440 | ) | (8,171 | ) | |||
| Cash flows from financing activities: | |||||||
| Borrowings from Senior Credit Facility | 138,750 | — | |||||
| Proceeds from common stock offering | 172,500 | — | |||||
| Payments on notes payable | (7,299 | ) | (9,941 | ) | |||
| Payments of contingent consideration | (663 | ) | (913 | ) | |||
| Payments of borrowings from Senior Credit Facility | (283,832 | ) | (20,750 | ) | |||
| Payments of common stock offering costs | (10,657 | ) | — | ||||
| Purchases of common stock tendered by employees to satisfy the required withholding taxes related to stock-based compensation | (52 | ) | — | ||||
| Payments of debt issuance costs | (890 | ) | (447 | ) | |||
| Net cash provided by (used in) financing activities | 7,857 | (32,051 | ) | ||||
| Net increase in cash and cash equivalents | 56,488 | 32,197 | |||||
| Cash and cash equivalents – beginning of period | 64,909 | 31,825 | |||||
| Cash and cash equivalents – end of period | $ | 121,397 | $ | 64,022 | |||
